Investor Presentaiton

III Key Investment Highlights 2 Attractive Industry Dynamics A highly defensive sector with significant room for continued growth Health Expenditure CAGR 2013-2017 Pharmaceutical Sales | EGP bn IN Total Number of Pharmacies | '000 Egypt's healthcare market is the fastest growing in the region driven by significant growth in the pharmaceuticals market Given the under-penetration of healthcare insurance, pharma sales are mainly driven by out-of-pocket expenditure as consumers find self- medication to be the cheapest form of treatment 60 60 56 57 56 56 12% CAGR 17% 50 10% 9% 41 8% 2012 2013 2014 8% 32 28 5% 5% 25 2015 Total Pharmacists | 2016 '000 2016 2017e 5% 22 19 212 3% 23 10 3 12 7 1 Pharma Market Share Public Sector 3% 2011 2012 2013 2014 2015 2016 2017 Market Segmentation I Market Share 1H2017 SHAIN Growth Drivers Novartis 8% ISP 19% Higher Priced Drug Replacements GSK 6% Sanofi 5% Pharco 5% 2017 H1 Others 56% Manu. Amoun 5% Others 32% Dist.1 Other Retail Ezaby 4% Seif 2% Roushdy 2% Misr 1% Pricing Adjustment Waves Increasing Generic Uptake UCP 33% 92% Increase of Chronic Diseases Eipico 4% Eva 4% Pfizer 3% Hikma 2% Global Napi 2% POS 16% Multinational 48% Private Sector 49% The distribution space is the most consolidated segment, with the 3 largest players processing 68% of the market sales Industry Regulated Margins Ageing & Growing Population New Products - New Markets Low Price Regime Market Price Evolution Regulated Price 25 20% 8% Distributors operate on a fixed margin set out by the Ministry of Health (MOH), and is marked down from the regulated price of the SKU 18 37% 15 13 14 9% 10% 20% 6% Which significantly mitigates any risks related to bargaining power of suppliers/clients 2013 2014 Average price per unit 2015 2016 2017 2017 2016 Growth rate % Distributors Retailers ibnsinapharma (1): Data for full year 2017 Source: IMS Health, BMI, WHO Increase in price of medicine that cost less than EGP 30 by 20% due to increase in production costs Increase in distribution margin from 7% to 8.1% for non-essential locally manufactured products Retail price increase of 30-50% for over 3k SKUs Price increase of c.50% for MoH's tenders Strictly Private & Confidential 12

View entire presentation